BP reaches deal on Gulf oil spill

The Deepwater Horizon blast killed 11 people and caused one of the worst oil spills in history

MOEX Offshore has agreed to pay $1.065bn (£657m) to BP to settle all claims between the companies relating to the Deepwater Horizon rig accident.

MOEX owned 10% of the Macondo well, which eventually leaked millions of gallons of oil into the Gulf of Mexico.

BP has said it will put the money into the $20bn trust it established to meet claims relating to the oil spill.

The settlement excludes fines, penalties or punitive damages that may be applied in future.

MOEX is a unit of the Japanese trading house Mitsui.

“MOEX is the first company to join BP in helping to meet our shared responsibilities in the Gulf,” said BP chief executive Bob Dudley.

“We call on the other parties involved in the Macondo well to follow the lead of the MOEX and Mitsui parties.”

The April 2010 blast aboard the Deepwater Horizon rig killed 11 people and caused one of the worst oil spills in history.

The Macondo well, about a mile underneath the rig, was finally sealed in September.

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